4 September 2017

Seven reasons why your business will benefit from online accounting

Industry magazine Accountancy Age recently published an article ‘Four reasons tech investment is critical for accountants’. It’s an interesting piece on the need for accountancy practices to embrace the digital age and offer clients the means to manage their affairs online. 

Here at RWB we’ve understood for a long time that it isn’t just accountants who need to be considering a move online to achieve a competitive advantage. 

In recent years we’ve invested significantly in developing our systems, training our team and partnering with Xero accounting software to become the largest independent Xero Champion in Nottinghamshire. The majority of our business clients are already using cloud-based accounting and enjoying the raft of benefits that come from adopting an online approach. 

Not sure if online accounting is right for you?

Here are seven reasons why your business will benefit from cloud accounting:

 1. Run your business simply, from anywhere at anytime

With cloud based accounting packages such as Xero, you can run your business from any device with an internet connection. You can send invoices via email, check your cash flow, update client details and manage expenses from anywhere. Plus, live bank account information can be automatically imported and then easily reconciled to invoices.

2. Improved collaboration

As a software as a service (SaaS) online accounting means that anyone with secure access can log in and see the data you can see, which means greater collaboration and transparency with your accountant. Real time data also helps your team manage enquiries from clients or suppliers and view changes as they happen.

3. Get paid faster 

Xero research suggests that small businesses are paid over 30% faster when using its online accounting software. Being able to issue invoices immediately from any device means that you can avoid delays with the post, save time and ultimately get paid faster. The ability to set automated payment reminders helps with credit control and the ‘pay now’ option enables faster customer payments. 

 4. Save time and increase efficiency

Online accounting software frees up your time to spend on the key areas of your business. Having bank information imported automatically reduces data entry time. Client information is recorded in a centralised place so need to re-enter data to create POs or invoices and other manual entry tasks are reduced. 

In addition, you are able to file VAT returns directly with HMRC, run payroll and manage expense claims in real time with multiple reports available to analyse data and make accurate decisions. 

5. Live, real time data for decision making

 With 99.99% uptime, Xero delivers secure, reliable and live information 24/7. Changes made anywhere in the world via an internet connection, are visible immediately to all other users. This means you have the very latest data at your disposal for managing cash flow, forecasting and making informed decisions. 

 6. Integration into other systems

You can seamlessly integrate all the other business critical software your firm relies on into one platform, This means that your CRM system, expenses, stock and inventory management, payroll, payment processing and eCommerce talk to your accounting software, so that everything is to hand when you need it. 

7. Simple to set up and get started

Having been built with the business owner in mind, Xero is the most user-friendly accounting software we have seen. Its flexible approach does not tie you into a contract and it comes with a vast support network including online resources and a dedicated team, making it simple to set up and to start making a positive difference to your business. 

Still not convinced about a switch to online?

If you are currently using a traditional accounting model and a paper-based approach to bookkeeping, invoicing, making and chasing payments, it’s time to think about how these essential functions can be made more future-friendly. 

As Xero Platinum partners, our certified team can help move your business to cloud accounting software and support you to realise its benefits. Contact us on 0115 964 8888 or email enquiries@rwbca.co.uk to chat through your options.

The views provided in this article are for general information purposes only. Nothing in this article represents advice of any nature whatsoever. Accordingly, RWB CA Limited does not accept any liability or responsibility for the information contained in this article or any decision or other action that may be taken in reliance upon the information contained within it. RWB CA Limited accepts no responsibility for any errors of fact or opinion and assumes no obligation to provide you with any changes to its assumptions.